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Ceres Power enters Indian market through SOEC licence with Thermax

12th Sep 2024 14:20

(Alliance News) - Ceres Power Holdings PLC on Thursday announced it has signed a solid oxide electrolysis cell systems, or SOEC, licence with Thermax Ltd, one of India's largest providers of energy and environment solutions.

The Horsham, England-based clean energy technology developer said the non-exclusive global licence agreement would enable Thermax to manufacture, sell and service stack array modules based on Ceres' advanced SOEC technology.

The partnership will leverage Ceres' highly differentiated electrolysis technology and Thermax's experience in heat integration and waste heat recovery to create a first-of-a-kind pressurised SOEC module, which can then be used as a building block for further development of multi-megawatt SOEC electrolysers.

It will place Thermax among the few global companies that provide large-scale SOEC systems for commercial applications.

India is currently the world's third-largest economy in terms of energy needs, with the World Economic Forum reporting the country spent USD185 billion on imported energy in 2022. India's national green hydrogen mission, a government initiative launched in 2022, provided USD2.3 billion in incentive funding to produce 5 million tonnes per annum of green hydrogen by 2030.

Ceres Chief Executive Officer Phil Caldwell said: "I am pleased to announce our SOEC systems partnership with Thermax, an engineering leader with expertise in heat integration and waste heat recovery processes and deep industrial customer relationships. This system licence agreement will take Ceres into the Indian market, which is rapidly becoming one of the most dynamic and increasingly important markets for green hydrogen, green steel and green ammonia.

"This is a strategically important agreement for Ceres as we continue to build our global ecosystem of world-class partners. Our technology enables Thermax to develop next-generation hydrogen solutions for its customers in the hard-to-abate industrial sectors, stimulating market demand pull for our manufacturing licensees. Our entry into this new region marks an exciting opportunity for Ceres as we help enable the path to industrial decarbonisation in this rapidly developing market."

Shares in Ceres Power were up 5.2% at 190.20 pence each in London on Thursday afternoon.

By Emily Parsons, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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